Is Joe trying to win me over?
“President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.
Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.
With each tax break and credit having its own lobbying constituency to back it, tinkering with rates is fraught with political risk. That helps explain why the tax hikes in Bill Clinton’s signature 1993 overhaul stand out from the modest modifications done since. …”
The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:
Raising the corporate tax rate to 28% from 21%
Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
Raising the income tax rate on individuals earning more than $400,000
Expanding the estate tax’s reach
A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher) …”
Joe wants to raise taxes on wealthy Jews, corporations, libs and Red Dogs. He wants to raise the taxes of all the people who are constantly condemning us as “white supremacists.”
Surely, the True Cons who became Red Dogs and voted for Joe in 2020 will now support this proposed new tax hike on the wealthy to make the new child tax credit a permanent entitlement for working class families. We’ve been assured that these new Democrats are team players.
Joe’s new coalition of wealthy PMC suburbanites – united by cosmopolitanism and modernism, virtue signaling against Donald Trump and the nativism and “white supremacy” of his uncouth White working class base – will come together now to support this bold new age of transformative progressive reform. The Red Dogs voted for Joe even after he passed the huge tax cut that primarily benefited people like them, ran against socialism, pushed deregulation and appointed libertarian judges.
Now that the Never Trump Red Dogs have vacated the Republican Party and elected Joe Biden, the people who are still there should lock them out for they can enjoy another fifty years in the wilderness. The Red Dogs made their choice in the 2020 election when they went hard for Joe Biden.